Direct Deposit Form

Nowadays, direct deposit is the way most people go. Sure, there are a few employees who make it their business to get their checks the old-fashioned way, and cheers to that if they like waiting in line at the bank every Friday with the other old guard. But for the rest of us who live in the digital age, the Direct Deposit Form is one of those things that we are used to signing when we first start employment somewhere. When the shoe is on the other foot, though, and you become the hirer instead of the hire, the Direct Deposit Form becomes just as important.

The Direct Deposit Form is your record that needs to be passed to your payroll third party administrator, to allow them to tap into and funnel money through your employees’ bank accounts. Now the Direct Deposit Form provides some serious power, for good and evil, as the old saying goes.

You could wield the Direct Deposit Form to make your employees’ lives that much more convenient and allow them to access their bank accounts digitally and without any effort on their part. On the other hand, be careful with that Direct Deposit Form. As we all know, privacy and information security are hot button issues at the moment, and probably will be for the foreseeable future. That’s because crooks are always out to get people’s private information, which they then can use for identity theft or just plain old theft.

Employers are liable for the information on the Direct Deposit Form. If something should go awry and that info on the Direct Deposit Form got into the wrong hands, then employers could be in hot water with their employees and government authorities. It could mean fines, bad press, or worse, huge law suits brought against you by your very own employees.